It does sound like the timing.
I've posted about timing the older Risos a number of times, but I must have wiped that out of my posting history a long time ago, so for what it is worth here's something that should be useful:
FR timing.pdf
FR timing 2.pdf
(They show the P disk used in the GR line but are not on the FR machines, so you can ignore those.)
There are a lot of sharp edges and strong springs in that area that will harm people that are not paying attention though, so be careful.
However, before you do the timing adjustment, you might want to do some troubleshooting to see why the machine is out of time. If I was troubleshooting your machine, based on the information you have provided so far I would first make sure the master clamp on the drum was not bent, and I'd also make sure that it could move throughout its entire range without binding.
Good luck!
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